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India finance minister announces steps to boost consumer demand

October 12, 2020

NEW DELHI, Oct 12 (Reuters) – India’s finance minister on Monday announced steps to stimulate consumer demand including advance payment of a part of the wages of federal government employees for spending during the festival season, part of efforts to bolster the pandemic-hit economy.

The government will also allow its employees to spend travel allowances that are an income-tax-exempt part of their salaries on goods and services, Nirmala Sitharaman told a news briefing.

“This is expected to create a consumer demand of about 280 billion rupees ($3.83 billion),” she said.

Prime Minister Narendra Modi’s government, which imposed a tough lockdown to stem the spread of the coronavirus in March, is pushing ahead with a full opening to try to boost the economy ahead of the usually high-spending festival season.

($1 = 73.1541 Indian rupees)

(Reporting by Aftab Ahmed and Manoj Kumar; Editing by Catherine Evans)

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Thai Sept consumer mood drops for first time in 5 months, protests weigh

October 8, 2020

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BANGKOK, Oct 8 (Reuters) – Thai consumer confidence dropped in September for the first time in five months on concerns about growing political protests, a slow economic recovery and job losses from the coronavirus pandemic, a university survey showed on Thursday.

The consumer index of the University of the Thai Chamber of Commerce fell to 50.2 in September from 51.0 in August.

“Various political gatherings made people have no confidence in government stability,” while the surprise exit of the country’s finance minister last month was negative, university president Thanavath Phonvichai told a briefing.

Demonstrators have rallied against the military-backed government in larger numbers in recent months, with some also calling for reforms of the powerful monarchy. The next big protest is set for Oct. 14.

Consumers felt the economic situation remained bad as tourism has yet to recover, Thanavath said.

“If the situation does not improve, there may be more

Insurance Consumer Advice for Buyers of High-Risk Homes: Liz Weston

October 8, 2020

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When house hunting, the price of homeowners insurance probably isn’t top of mind. But homes with hidden risks can make getting coverage difficult, expensive or both. Learning how to identify them could save a homeowner a bundle.

This could be a particularly important concern for first-time homebuyers and those moving from cities to suburban or rural areas who may not be aware of common hazards, says Jennifer Naughton, risk consulting officer for North America for Chubb, an insurance company.

Three out of 10 city dwellers told a Chubb survey in early August that they were considering moving out of the city because of the novel coronavirus outbreak. Meanwhile, the number of first-time homebuyers in the first half of 2020 rose 4% compared to a year earlier as lower interest rates made mortgages more affordable, according to Genworth Mortgage Insurance.

A homeowners insurance premium can depend in part on distance to

Consumer spending climbs in August for fourth month in a row, but at a slower pace

October 1, 2020

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ECONOMIC REPORT

a person standing in front of a store: Consumers haven’t stopped spending because of the coronavirus.

© Getty Images
Consumers haven’t stopped spending because of the coronavirus.

The numbers: Americans ratcheted up their spending in August for the fourth month in a row in a good sign for the economy, but the increase was the smallest since the U.S. reopened and pointed to a slower recovery.

Consumer spending rose 1% in August, the government said Thursday, matching the forecast of economists polled by MarketWatch.

chart, waterfall chart

Slower spending stemmed largely from the end of a massive infusion of federal aid for the unemployed. Incomes declined by 2.7% — the biggest drop since early in the pandemic — after an extra $600 jobless stipend expired.

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Wages and salaries rose, however. What’s more, many households boosted savings early in the pandemic, giving them more cushion to spend. The savings rate fell again to 14.1%, but it’s still almost twice as high as it was before the

Consumer spending gains slow to 1% in August

October 1, 2020

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WASHINGTON (AP) — U.S. consumer spending slowed in August and personal income fell as a $600 weekly benefit for Americans who are unemployed during the pandemic expired.

The Commerce Department reported Thursday that spending grew by just 1%, the weakest growth since spending fell 12.7% in April when rapidly spreading COVID-19 infections shut down large parts of the economy.

A 2.7% drop in income in August followed a gain of 0.5% in the previous month. The drop reflected the expiration of the $600 expanded unemployment benefit on July 31. Congress has so far failed to come up with a new virus relief package that would restore that benefit.

Economists fear that without further government support, the economy will slow significantly in the final three months of this year as consumer spending slows with millions of people still out of work and government support fading.

“Unless employment growth picks up or

Consumer confidence surges to highest level since start of coronavirus pandemic

September 29, 2020

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The numbers: Consumer confidence rose in September to the highest level since the coronavirus pandemic began after the number of cases declined and the economic forged ahead, a closely followed survey showed.

The index of consumer confidence rose to 101.8 this month from 86.3 in August, the Conference Board said Tuesday. It was the biggest one-month increase in 17 years.

Economists polled by MarketWatch had forecast a smaller increase in the index to 89.6. The level of confidence in August was also revised slightly higher after initially showing the lowest reading since the pandemic began more than six months ago.

“A more favorable view of current business and labor market conditions, coupled with renewed optimism about the short-term outlook, helped spur this month’s rebound in confidence,” said Lynn Franco, senior director of economic indicators at the board.

See:MarketWatch Coronavirus Recovery Tracker

What happened: An index that gauges how consumers

Spruce Partners with Munich Re’s Digital Partners to Offer Title Insurance Fueled by Automation; Featuring New Consumer Pricing

September 29, 2020

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NEW YORK, Sept. 29, 2020 /PRNewswire/ — Spruce, the proptech company powering online real estate transactions nationwide, today announced its partnership with Munich Re, one of the world’s leading reinsurers, to bring cost-effective title insurance fueled by automation to the U.S. market.

The partnership pairs Munich Re’s technical and risk expertise and financial strength with Spruce’s agility and proprietary API-driven technology to help solve a historically stagnant aspect of the title insurance and mortgage industries: price. In addition, U.S. homeowners, investors, and lenders will continue to have access to Spruce’s digital real estate transaction process.

“The consumer experience is at the core of our mission and values,” said Patrick Burns, Spruce CEO and co-founder. “Our automated underwriting paired with the backing and security of Munich Re allows us to offer lower pricing for title insurance and a best-in-class experience for lenders, real estate companies, and consumers. As

French consumer confidence holds steady in September as coronavirus resurges

September 29, 2020

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PARIS (Reuters) – French consumer confidence held steady in September as improved sentiment among households about their long-term finances offset unemployment concerns, a survey from the INSEE statistics agency showed on Tuesday.

INSEE’s consumer confidence index held at 95, after a single point upwards revision for the month of August, beating the average forecast of 94 in a Reuters poll.

Household confidence about personal finances edged higher, rising above the long-term average for the first time since February, when the coronavirus epidemic first began sweeping across France.

There was also a slight increase in those prepared to make big purchases. However, the number of people who said it was a good time to save jumped higher for a fifth straight month.

Household concerns about unemployment inched higher. France has avoided a major spike in permanent unemployment as companies put workers on state-subsidised furloughs en masse.

The government wants to convince

Amid Consumer Behavior During Covid-19, Congress Examines Granting Fintech Bank Charters

September 29, 2020

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On Tuesday, September 29 at 12pm, the Task Force on Financial Technology will hold a hearing entitled, “License to Bank: Examining the Legal Framework Governing Who Can Lend And Process Payments In The FinTech Age”. The hearing will be led by Chairman Stephen Lynch (D-MA) with Ranking Member Tom Emmer (R-MN).

The Financial Services Committee (FSC), of which the Task Force on Financial Technology is part of, issued a background memorandum on the hearing. Citing Covid-19 as dramatically impacting the way Americans have not been able to bank in branches, use physical currency, and receive government benefits and loans, the Memo states, “…it is unclear whether most consumers understand the difference in protections and oversight between “banks” and “technology companies” when participating in financial activities, like sending money to a friend.”

Blue medical mask on the face of Benjamin Franklin with a hundred dollar bill. The concept of the global economic crisis associated with the coronavirus quarantine COVID-19. — Blue medical mask on the face of Benjamin Franklin with a hundred dollar bill. The concept of the …

Consumer NZ says domestic travel insurance of ‘minimal’ value

September 28, 2020

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John Bisset/Stuff

Heading off on holiday in New Zealand is risky as there is a chance the Government will have to impose restrictions should another outbreak of Covid-19 happen.

If you’re planning a holiday within New Zealand, Consumer NZ is warning you should think carefully before taking out travel insurance.

Travel insurance has traditionally been the domain of overseas travel – where a medical emergency can quickly become a financial disaster.

But after international travel all but ended as a result of the Covid-19 pandemic, travel insurers like Southern Cross Travel Insurance began marketing travel insurance.

STUFF

Like most airlines around the world, Air New Zealand has been crippled by Covid-19.

The watchdog organisation says domestic travel insurance could be poor value for money.

In a report, it said its review of six domestic travel insurance policies found travellers might not get much cover if their plans “go pear-shaped”.

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